Originally posted by SueEllen
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
VAT Flat Rate Scheme Update
Collapse
X
Collapse
-
In Scooter we trust -
The only change is when you're explaining your £12 payment to [whoever] on FreeAgent/similar, you need to know whether it was actually £10 net + £2 VAT, or £12 (no VAT). When you're on the FRS it makes no difference, as you wouldn't reclaim the £2 regardless.Comment
-
Originally posted by The Spartan View PostOne thing I'm unsure of is fuel receipts, I claim mileage at the specified rate but am I able to claim the VAT back?
How much of the 45p HMRC accepts is, depends on your fuel type and engine size. Basically from that they guestimate how much you actually spend on fuel per mile (and ignore the other costs). So if you drive a 3l petrol you'll reclaim more VAT per mile than someone driving a 1l diesel.Comment
-
Originally posted by SueEllen View PostYou should have always kept your receipts and invoices.
The VAT man does random inspections regardless of what scheme you are on.
The only difference is now you have to share them with your accountant.
Unlikely to be a problem for most things but it means if you want to claim VAT on every last little thing you'll need to make the extra effort to obtain a proper VAT receipt.Comment
-
Maslins, Sue Ellen
Thank you very much.
I had missunderstood the context of where relevant goods applied.So now I am worried, am I being deceived, just how much sugar is really in a spoon full!Comment
-
Originally posted by SueEllen View PostYou should have always kept your receipts and invoices.
The VAT man does random inspections regardless of what scheme you are on.
The only difference is now you have to share them with your accountant.
Or is there some additional fiduciary duty on the part of the accountant for non-FRS clients that involves wading through piles of receipts from Gregg's?Comment
-
I am going to de-register....I haven't been turning over that much in the last 4-5 years anyway....maybe only going over the threshold 2 of those years.
and going forward I have decided I am taking more holidays.Comment
-
My accountant keeps delaying on advising me whether to say on the FRS or move away from it, on the basis that it is not totally clear cut yet around the new 16.5% category, and they are still waiting to see how this will play out.
However many of my colleagues and posters on here appear to have had some direction, so I am unsure as to why my accountant is dragging his heels so much.______________________
Don't get mad...get even...Comment
-
Originally posted by kaiser78 View PostMy accountant keeps delaying on advising me whether to say on the FRS or move away from it, on the basis that it is not totally clear cut yet around the new 16.5% category, and they are still waiting to see how this will play out.
However many of my colleagues and posters on here appear to have had some direction, so I am unsure as to why my accountant is dragging his heels so much."You’re just a bad memory who doesn’t know when to go away" JRComment
-
GuestGuest
- Thanks (Given):
- 0
- Thanks (Received):
- 0
- Likes (Given):
- 0
- Likes (Received):
- 0
I am not sure whether I should continue with FRS or not as my expenses are very limited.
I only claim for monthly accountancy changes, business insurance and some computer hardware / mobile phone (less than £500 each year).
I don't claim anything else.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment